{"id":29202,"date":"2020-09-25T16:00:06","date_gmt":"2020-09-25T13:00:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=29202"},"modified":"2025-08-27T15:40:34","modified_gmt":"2025-08-27T12:40:34","slug":"flamingo-finance-defi-protocol-begins-flm-token-distribution","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/flamingo-finance-defi-protocol-begins-flm-token-distribution\/","title":{"rendered":"Flamingo.Finance DeFi Protocol Begins FLM Token Distribution"},"content":{"rendered":"<p>On September 25, the DeFi protocol <a class=\"tracking_link\" href=\"http:\/\/flamingo.finance\/\" target=\"_blank\" rel=\"noopener noreferrer\">Flamingo.Finance<\/a> (FLM) began distributing its governance tokens. By September 30, the protocol will distribute 50 million FLM among the first investors.<\/p>\n<p>The reward size depends on the user&#8217;s share of the investment pool. In the future, users will receive FLM for providing liquidity on the Swap decentralized exchange.<\/p>\n<p>Flamingo.Finance is a decentralized yield-farming protocol on the Neo blockchain, operating similarly to yearn.finance. Users invest crypto assets into Flamingo.Finance, and the protocol allocates them to crypto-lending services with the best deposit terms. Investors earn profits from deposits on the Ethereum, Ontology and Neo blockchains, and also receive FLM tokens on the Neo blockchain.<\/p>\n<p>Flamingo supports the following assets:<\/p>\n<ul>\n<li>NEO on the Neo blockchain;<\/li>\n<li>ETH, WBTC, USDT and wETH on the Ethereum blockchain;<\/li>\n<li>ONT on the Ontology blockchain.<\/li>\n<\/ul>\n<p>To invest in Flamingo.Finance and receive FLM, tokens must be moved to the Neo blockchain via the Flamincome service. The sequence of actions for USDT is:<\/p>\n<ol>\n<li>Freeze USDT via Flamincome and Metamask. USDT will enter the liquidity pool, and the user will receive synthetic tokens fUSDT on the Ethereum blockchain.<\/li>\n<li>Exchange fUSDT for nUSDT tokens. These tokens are needed to transfer investments from the Ethereum blockchain to Neo.<\/li>\n<li>Exchange nUSDT for the synthetic token pnUSDT on the Neo blockchain.<\/li>\n<li>Freeze pnUSDT and receive a FLM reward.<\/li>\n<\/ol>\n<p><a class=\"tracking_link\" href=\"https:\/\/docs.flamingo.finance\/come\" target=\"_blank\" rel=\"noopener noreferrer\">Detailed instructions<\/a> for working with the Flamincome service are provided in the Flamingo.Finance user guide.<\/p>\n<h2>UPDATE<\/h2>\n<p>During the launch of the FLM governance token distribution, the NeoLine wallet extension &#8220;crashed due to extremely high concurrent traffic from Flamingo&#8217;s website&#8221;, according to the project team. Many users were unable to deposit tokens for staking.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">The official announcement regarding the resume of Mint Rush. <a href=\"https:\/\/t.co\/DkprWSZ5U6\">https:\/\/t.co\/DkprWSZ5U6<\/a><\/p>\n<p>\u2014 Flamingo Finance (@FlamingoFinance) <a href=\"https:\/\/twitter.com\/FlamingoFinance\/status\/1309696406899228678?ref_src=twsrc%5Etfw\">September 26, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The team captured a blockchain snapshot as of 25 September 2020, 17:11:33 MSK (block # 6212123).<\/p>\n<p>All assets that were ready for deployment or had been deposited in storage at that moment will be counted toward staking.<\/p>\n<p>More than 700 transactions via the ONTO wallet were successfully completed before the distribution was halted.<\/p>\n<p>The resumption of FLM distribution is planned for today, 26 September, at 16:00 MSK.<\/p>\n<p>Yield rates for all users will remain unchanged. The issue of additional compensation for the 700+ successfully conducted transactions will be put to a Flamingo community vote.<\/p>\n<p>As reported earlier, ForkLog <a href=\"https:\/\/u1f987.com\/en\/news\/dexs-daos-and-tokenised-bitcoins-how-not-to-lose-your-way-in-the-defi-wilderness\">published<\/a> an overview of different kinds of DeFi projects.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On September 25, the Flamingo.Finance DeFi protocol began distributing its governance tokens (FLM). By September 30, the protocol will distribute 50 million FLM to early investors.<\/p>\n","protected":false},"author":1,"featured_media":29203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"2","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093],"class_list":["post-29202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi"],"aioseo_notices":[],"amp_enabled":true,"views":"43","promo_type":"2","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/29202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=29202"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/29202\/revisions"}],"predecessor-version":[{"id":29204,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/29202\/revisions\/29204"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/29203"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=29202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=29202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=29202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}